Naspers Limited (JSE:NPN) today reported consolidated revenue of R23
billion, a 22% increase, for the six months ended 30 September 2012.
Core headline earnings per share, considered by the board to be a good
indication of sustainable performance, increased 15% to R10.62,
totalling R4,1 billion. The internet segment remained the area of
fastest growth, whilst some benefit was gained from a weaker rand.
Development costs as a result of the organic growth of businesses
increased 41% to R1,6 billion. Positive free cash flows increased 22% to
R1,7 billion.

“The group continues to grow organically, with an increasing focus on
e-commerce,” Naspers’ Chairman Ton Vosloo said. “In addition, we have
invested R4,5 billion year to date in acquiring new businesses in this
area.”

Revenues from the e-commerce segment expanded robustly by 61% to R4bn.
Organic growth accounted for 27% of the total. A focus on building scale
and expanding e-commerce platforms across the value chain has trimmed
trading profits by R1 billion and increased the trading loss in the
sector.

After recording net growth of 393,000, the pay-television base now
stands at just over 6 million homes across 48 countries in Africa.
Revenues were up by 19% to R14,4 billion, whilst trading profits grew
18% to R4 billion. Trading margins were stable despite the upgrading of
satellite infrastructure, the expansion of online services and a
roll-out of digital terrestrial television (DTT) services across a
number of sub-Saharan countries.

Print operations in South Africa were strained by the challenging
economic climate, but reported steady growth. Margins improved due to a
continued focus on managing costs.

Naspers’ share of core earnings from associates, including Tencent in
China, Mail.ru Group in Russia and Abril in Brazil, increased by 46% to
R3,1 billion.

“During the next six months we’ll keep growing our e-commerce operations
across emerging markets,” Naspers’ CEO Koos Bekker said. “We intend to
step up the gas and as a result development spend will accelerate in the
second half of the year.”

Naspers’ financial director Steve Pacak added: “With development spend
ramping up and a changing business mix, future margins will trend down.
The plan is, however, to increase our absolute profits and returns over
time.”

This media release contains forward-looking statements as defined in the
United States Private Securities Litigation Reform Act of 1995. Words
such as “believe,” “anticipate,” “intend,” “seek,” “will,” “plan,”
“could,” “may,” “endeavour” and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive
means of identifying such statements. While these forward-looking
statements represent our judgements and future expectations, a number of
risks, uncertainties and other important factors could cause actual
developments and results to differ materially from our expectations.
These include numerous factors that could adversely affect our
businesses and financial performance. We are not under any obligation to
(and expressly disclaim any such obligation to) update or alter our
forward-looking statements whether as a result of new information,
future events or otherwise. Investors are cautioned not to place undue
reliance on any forward-looking statements contained herein.